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The Short Sale Trap

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For those of you wanting to make a short sale on your house, you’d better keep an eagle eye on your good old Homeowners Association. They’re starting to get pretty crafty in keeping the neighborhood operating budget full.

For homeowners who are suffering through the housing mess and living with underwater mortgages, working out a short sale might help you save some of your retirement nest egg. The banks take a well-deserved loss, but you’re happy because you’ve found a buyer and you’ve escaped your nightmare of a mortgage.